Twenty years after mortgage endowments, ten years after precipice bonds and three years after bank charges, the financial-services industry still hasn’t learnt the lessons of mass mis-selling and consumers continue to be let down both by their firms and by the regulator.
That was the worrying conclusion from Walter Merricks, the country’s chief ombudsman and lead consumer champion, in a damning report last week.
The Financial Ombudsman Service’s annual review revealed that nearly six in ten of the 127,500 cases examined by the FOS last year were settled in favour of the consumer. This was a record — it would normally expect to uphold three or four in ten. For payment-protection insurance, nearly 90% of the 31,000 complaints were upheld.
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